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EXHIBIT 1.2
PRICING AGREEMENT
June 1, 1998
Xxxxxxx, Xxxxx & Co.,
BT Alex. Xxxxx Incorporated,
PaineWebber Incorporated,
Prudential Securities Incorporated,
As Representatives of the several Underwriters named in Schedule I hereto, c/o
Goldman, Sachs & Co., 00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000.
Dear Ladies and Gentlemen:
Xxxxxxx Properties, Inc., a Maryland corporation (the "Company"), proposes,
subject to the terms and conditions stated herein and in the Underwriting
Agreement, dated June 1, 1998 (the "Underwriting Agreement"), between the
Company and Xxxxxxx Properties, L.P., a California limited partnership (the
"Operating Partnership"), on the one hand and Xxxxxxx, Xxxxx & Co., BT Alex.
Xxxxx Incorporated, PaineWebber Incorporated, and Prudential Securities
Incorporated, on the other hand, to issue and sell to the Underwriters named in
Schedule I hereto (the "Underwriters") the Shares specified in Schedule II
hereto (the "Designated Shares"). Each of the provisions of the Underwriting
Agreement is incorporated herein by reference in its entirety, and shall be
deemed to be a part of this Agreement to the same extent as if such provisions
had been set forth in full herein; and each of the representations and
warranties set forth therein shall be deemed to have been made at and as of the
date of this Pricing Agreement, except that each representation and warranty
which refers to the Prospectus in Section 2 of the Underwriting Agreement shall
be deemed to be a representation or warranty as of the date of the Underwriting
Agreement in relation to the Prospectus (as therein defined), and also a
representation and warranty as of the date of this Pricing Agreement in relation
to the Prospectus as amended or supplemented relating to the Designated Shares
which are the subject of this Pricing Agreement. Each reference to the
Representatives herein and in the provisions of the Underwriting Agreement so
incorporated by reference shall be deemed to refer to you. Unless otherwise
defined herein, terms defined in the Underwriting Agreement are used herein as
therein defined. The Representatives designated to act on behalf of the
Representatives and on behalf of each of the Underwriters of the Designated
Shares pursuant to Section 12 of the Underwriting Agreement and the address of
the Representatives referred to in such Section 12 are set forth in Schedule II
hereto.
An amendment to the Registration Statement, or a supplement to the
Prospectus, as the case may be, relating to the Designated Shares, in the form
heretofore delivered to you is now proposed to be filed with the Commission.
Subject to the terms and conditions set forth herein and in the
Underwriting Agreement incorporated herein by reference the Company agrees to
issue and sell to each of the Underwriters, and each of the Underwriters agrees,
severally and not jointly, to purchase from
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the Company, at the time and place and at the purchase price to the Underwriters
set forth in Schedule II hereto, the number of Designated Shares set forth
opposite the name of such Underwriter in Schedule I hereto.
If the foregoing is in accordance with your understanding, please sign
and return to us nine counterparts hereof, and upon acceptance hereof by you, on
behalf of each of the Underwriters, this letter and such acceptance hereof,
including the provisions of the Underwriting Agreement incorporated herein by
reference, shall constitute a binding agreement between each of the
Underwriters, the Company and the Operating Partnership. It is understood that
your acceptance of this letter on behalf of each of the Underwriters is or will
be pursuant to the authority set forth in a form of Agreement among
Underwriters, the form of which shall be submitted to the Company for
examination, upon request, but without warranty on the part of the
Representatives as to the authority of the signers thereof.
Very truly yours,
XXXXXXX PROPERTIES, INC.
By: /s/ Xxxxxx X Xxxxxxxxx
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Name: Xxxxxx X. Xxxxxxxxx
Title: Senior Vice President, Finance
XXXXXXX PROPERTIES, L.P.
By: XXXXXXX PROPERTIES, INC.
By: /s/ Xxxxxx X Xxxxxxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxxxxxx
Title: Senior Vice President, Finance
Accepted as of the date hereof:
Xxxxxxx, Xxxxx & Co.
BT Alex. Xxxxx Incorporated,
PaineWebber Incorporated,
Prudential Securities Incorporated
By: Xxxxxxx, Sachs & Co.
/s/ Xxxxxxx, Xxxxx & Co.
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(Xxxxxxx, Sachs & Co.)
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SCHEDULE I
NUMBER OF SHARES
UNDERWRITER TO BE PURCHASED
----------- ----------------
Xxxxxxx, Xxxxx & Co........................................... 1,790,000
BT Alex. Xxxxx Incorporated................................... 300,000
PaineWebber Incorporated...................................... 250,000
Prudential Securities Incorporated............................ 250,000
Bear, Xxxxxxx & Co. Inc....................................... 75,000
CIBC Xxxxxxxxxxx Corp......................................... 75,000
X.X. Xxxxxxx & Sons, Inc...................................... 75,000
EVEREN Securities, Inc........................................ 75,000
Xxxx Xxxxx Xxxx Xxxxxx, Incorporated.......................... 75,000
SBC Warburg Dillon Read Inc................................... 75,000
Advest, Inc................................................... 40,000
X.X. Xxxxxxxx & Co............................................ 40,000
Xxxxx & Company............................................... 40,000
Xxxxxxx, Xxxxxx & Co.......................................... 40,000
Xxxx Xxxxxxxx Xxxxxxx......................................... 40,000
Xxxxxxxxxx & Co. Inc.......................................... 40,000
J.J.B. Xxxxxxxx, X.X. Xxxxx, Inc.............................. 40,000
Interstate/Xxxxxxx Lane Corporation........................... 40,000
Xxxxxx Xxxxxxxxxx Xxxxx Inc................................... 40,000
XxXxxxxx & Company Securities, Inc............................ 40,000
XxXxxx, Xxxxx & Co., Inc...................................... 40,000
Xxxxxx Xxxxxx & Company, Inc.................................. 40,000
The Ohio Company.............................................. 40,000
Xxxxx Xxxxxxx Inc............................................. 40,000
Xxxxx XxxXxxxxx Incorporated.................................. 40,000
Xxxxxxx Xxxxx & Associates, Inc............................... 40,000
The Xxxxxxxx-Xxxxxxxx Company, LLC............................ 40,000
Xxxxx Capital Markets......................................... 40,000
Xxxxxx, Xxxxxxxx & Company, Incorporated...................... 40,000
Sutro & Co. Incorporated...................................... 40,000
Trilon International Inc...................................... 40,000
Xxxxxx Xxxxxxx Incorporated................................... 40,000
Wedbush Xxxxxx Securities Inc................................. 40,000
Wheat First Securities, Inc................................... 40,000
TOTAL................................................. 4,000,000
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SCHEDULE II
TITLE OF DESIGNATED SHARES:
Series E Cumulative Redeemable Preferred Stock, par value $.0001 per share
NUMBER OF DESIGNATED SHARES:
4,000,000
INITIAL OFFERING PRICE TO PUBLIC:
$25.00 per Share
PURCHASE PRICE BY UNDERWRITERS:
$24.2125 per Share
FORM OF DESIGNATED SHARES:
Book Entry Form
SPECIFIED FUNDS FOR PAYMENT OF PURCHASE PRICE:
Same day funds
TIME OF DELIVERY:
10:00 a.m. (New York City time), June 4, 1998
CHARTER AND PARTNERSHIP DOCUMENTS:
Articles Supplementary, dated June 3, 1998
Third Amendment to the Second Amended and Restated Agreement of Limited
Partnership
CLOSING LOCATION:
Xxxxxxxx & Xxxxxxxx
000 Xxxxx Xxxxxx Xxxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
NAMES AND ADDRESSES OF REPRESENTATIVES:
Designated Representatives:
Xxxxxxx, Sachs & Co., BT Alex. Xxxxx Incorporated, PaineWebber
Incorporated and Prudential Securities Incorporated
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Address for Notices, etc.:
Xxxxxxx, Sachs & Co.
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
CAPTIONS OF PROSPECTUS:
"Description of Series E Preferred Stock"
"Certain Federal Income Tax Considerations"
INTEREST PAYMENT DATES:
Last day of March, June, September and December, commencing June 30, 1998
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